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post #11 of 34 Old 02-20-2020
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Re: Selling your boat

After wrapping up my mother's estate after her death, I can positively say that the law, and the IRS, considers boats and automobiles as assets no different from investments, houses, etc.

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post #12 of 34 Old 02-20-2020
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Re: Selling your boat

I guess I should clarify. A boat paid off Or where the equity in it is greater than the payoff is a positive asset.
A boat which is mortgaged is a negative asset if the selling of it doesn’t meet the mortage payment.

Depreciation is steep until it levels of at approx 100 a foot

http://www.boatpokers.com/data/martinscales.pdf


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post #13 of 34 Old 02-20-2020
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Re: Selling your boat

I think capta is talking about the idea of buying a boat giving consideration to resale value because you "know" when you buy it, you are going to sell it some day.

Although we've owned 5, we never thought of it that way. The 5 boats describe different times in our lives with different needs and goals. I can say for 100% sure, that when we sold each of them, if you considered ownership, maintenance, and upgrades, we lost money on every time. Most of us don't do the math, because we don't want to think about it.

I've thought multiple times, this is the last one. Each time I've been wrong.

I've never thought of a boat as an asset. It maybe technically, but so isn't a pile of money that you throw into a fire, 100 dollars at a time.

Rational thought has nothing to do with sailboat ownership. It's bad transportation, it's more cramped than living on land unless you own a Perini and even then your house is probably 10X bigger, it's more subject to the vagaries of weather, it doesn't appreciate in value, it deteriorates faster than any house unless you put your house on a giant mechanical shaker and spray salt water on it all day.

Sailboats are about the soul. Put a price on that?
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post #14 of 34 Old 02-20-2020
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Re: Selling your boat

I've certainly never thought of my boats as investments. Sure, they're assets, but much like cars, I don't really expect them to retain value over time.

But I've never bought a boat with the intention of making money. Heck, I've never bought a house with that intention either, so I'm probably odd. My view is that these items are there to enhance my life, or as a basic requirement of living (a roof).

I guess this explains why I'm financially poor, but rich in all the things that really matter .

I have no plans to sell our current boat. Although I can certainly see some scenarios where that could happen. If/when I do, I hope to get close to what I paid initially. Although there's no way I would expect to recoup all the money I've put into her. Not unless leaky teakies become collectors items.
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post #15 of 34 Old 02-20-2020
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Re: Selling your boat

The reality is that, even if you plan to sail it until your dying day, your boat is going to have to be disposed of in some way, some day. You may leave that problem to your heirs, or the state, to deal with, but it WILL have to be dealt with in some way. Yes, even with a "Viking Funeral," someone has to set the fire, and then the environment deals with the consequences.

Love the boat, sure. That's fine. Realize, however, that it does not love you. It is not a person, or a pet, that can love you back. In the end it is, as someone else mentioned, a material possession, just like all your others.
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post #16 of 34 Old 02-20-2020
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Re: Selling your boat

I guess to succinctly answer the question in the OP, I have no plan or intention to ever sell my boat. I recognize that I will
probably change my mind, before I die.
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post #17 of 34 Old 02-21-2020
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Re: Selling your boat

A romantic idea. But it reminds me of this question and answer:

Q: Who wants to live to be 100 anyway?

A: A man who is 99.

My parents are both past 90, driving and enjoying life in their own home. But they are not physically capable of sailing a boat. 6-8 years ago, yes, I think they could have. No, I don't think I would want to live in a hospital bed. I would hope someone would help me leave. But there is a lot in between.

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post #18 of 34 Old 02-21-2020
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Re: Selling your boat

In terms of what you personally want to do, I respect those who just want to stay on board but its certain that something will take us off before we are really ready. You can plan and manage that yourself or you can leave that to your heirs. It would be good to find a great owner for the boat.

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post #19 of 34 Old 02-21-2020
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Re: Selling your boat

I remember an old couple in our club who sailed the same old wood 45ft boat for decades. I was particularly impressed when they showed up to where we were tied up one foggy night, having come through a narrow rocky pass to get there. I'm sure they were pushing 90 when they finally were forced to sell their boat. I think the last few years they were no longer able manage sailing so they just motored everywhere.

There will come a time in everyone's life where their bodies just won't be up to the rigors of sailing, unless illness or accident takes them first.

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post #20 of 34 Old 02-21-2020
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Re: Selling your boat

Many years ago I met an old guy at my first yacht club shortly after buying my first new (old) boat. Realizing how little I knew, he became a bit of a mentor; helping me with sailing, and with boat maintenance projects.

He always soloed, and basically lived alone on his boat during the summer months (northern Ontario). He was well into his 80s and as the years went on he was more often seen just sailing with his jib, but he was still out there, doing it.

I moved on, but later learned that he had gone missing one season. A search eventually found his boat nicely anchored. He was was found dead on board. It looked like he'd had a heart attack.

I hope he died a happy man. He certainly died doing the thing he loved.

Not a bad way to go.
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